CBRE Group, Inc. announced today that Jeffrey Dunne, Kevin Welsh, and Brian Schulz of CBRE Institutional Properties represented Harbor Group International in the $62 million sale of 100 Plaza Drive in Secaucus, New Jersey. Howard Hershkovich, a private investor from Brooklyn, purchased the property as part of a 1031 exchange.

100 Plaza Drive is a 264,973-square-foot, four-story office building that is 100% leased and 93% anchored by leading global tenants including NBA Entertainment and Scholastic. The property offers high quality stable cash flow with long-term leases and significant tenant investment ($30+ million by NBA Entertainment for state-of-the-art production space used to create their Emmy-winning TV programs) increasing renewal probability.

Located in the iconic mixed-use Harmon Meadow complex at the crossroads of Route 3 and the New Jersey Turnpike, 100 Plaza Drive has access to the region’s premier 4.4 million-square-foot live/work/play/stay environment with more than 20 restaurants, 8 hotels, more than 1 million square feet of retail, and multifamily under construction. Situated just four miles from Manhattan, Harmon Meadow offers multiple forms of mass transportation via shuttle to Secaucus Junction or various bus routes at the front door, which drives demand from major NYC corporations that can lower occupancy costs and benefit from the area’s highly educated corporate workforce and regional accessibility.

Mr. Dunne commented: “The sale of 100 Plaza drive represents the 7th office or retail transaction in Harmon Meadow over the last three years, totaling more than $350 million of capital investment in the complex by major institutional investors. The significant interest in Harmon Meadow demonstrates the continued demand for high quality, mixed-use environments with access to mass transit and proximity to major metropolitan areas, as this has become integral in both attracting and retaining talented employees.”

This follows CBRE’s sales of 400 Plaza Drive in 2015, 500 Plaza Drive in 2014, as well as 100 and 200 Plaza Drive in 2013.

CBRE Institutional Properties specializes in the sale of investment properties in the suburban markets surrounding New York City, and also around the United States. CBRE Institutional Properties services a prestigious client base of institutions, corporations, private investors, developers and REITs and has closed over $9 billion in property sales in all property types over the last five years.

CBRE Institutional Properties has a number of attractive investment opportunities currently on the market including: 500 Plaza Drive, a recently renovated 462,000 square foot property that is 99% leased and serves as the world headquarters for The Children’s Place and Quest Diagnostics within a mixed-use environment in Secaucus, New Jersey; 300 Harmon Meadow, a 125,000 square foot multi-tenant office building that is home to the corporate headquarters of Vitamin Shoppe in Secaucus, New Jersey; Two Riverfront Plaza, a 337,500 square foot trophy office building in Newark, New Jersey that is net leased to Panasonic N.A.; and 175 Park Avenue, the world-class 270,000 square foot global headquarters of Realogy in Madison, New Jersey.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

About Harbor Group International, LLC

Harbor Group International, LLC is a private real estate investment and management firm which controls a portfolio of worldwide assets valued at approximately $4.7 billion. HGI is headquartered in Norfolk, Virginia with offices in New York and Tel Aviv. The company’s real estate holdings include in excess of 5.1 million square feet of commercial properties and in excess of 25,000 apartment units. For additional information, please visit www.harborgroupint.com.